The bill amends various sections of the General Laws in Chapter 45-38.1, titled "Health and Educational Building Corporation," to enhance support for educational institutions, municipalities, and healthcare providers in Rhode Island. Key changes include updating the statutory terminology by replacing the phrase "institutions of higher learning" with "educational institutions" and redefining child daycare centers as educational institutions. The bill also replaces references to "youth" with "people of the state," promoting a more inclusive approach to education.

The bill introduces provisions for education loan financing programs, allowing the corporation to establish specific criteria governing the eligibility of educational institutions to participate in its programs and for the making of corporation loans. It empowers the corporation to charge fees for loan-related services and to contract with guarantors for loan security. Additionally, the bill clarifies that the state is not liable for the payment of bonds issued by the corporation, except for specific state reimbursements related to school housing projects.

Overall, the amendments aim to streamline the operational framework for education loans and enhance the financial mechanisms supporting educational and healthcare infrastructure in Rhode Island. The act would take effect upon passage.